Africa's Second Biggest Oil Producer Quits OPEC
- Economy. Energy
Angola said it has made the decision to leave Opec, a month after the producer group lowered its oil output target as part of a series of cuts led by Saudi Arabia to help prop up prices.
Angola walked out of an Opec meeting in June, but eventually agreed — along with Nigeria and the Republic of Congo — for its production baseline to be reviewed by an independent third party.
"We feel that Angola currently gains nothing by remaining in the organisation and, in defence of its interests, decided to leave."
Source: Diamantino Azevedo, Angola's Minister For Mineral resources, Petroleum and Gas
Will Angola decision affect Opec ?
No, most likely, it will not. Angola is Africa's 2nd most significant oil producer, with 1.2mn barrels a day of production, representing about 2 percent of the total output of the Opec+ alliance. According to Helima Croft, a former CIA analyst and head of commodities research at RBC Capital Markets, "Given the size of the country's output, this exit will not materially impact group operations."
When did Angola join Opec ?
Angola, which first joined OPEC in 2007.
Did other countries left Opec?
Yes. Qatar and Ecuador left OPEC in the past decade.